USD/JPY looking positive for the week (Westpac)

A research analyst from Westpac, Sean Callow shared his analysis with us which suggests that after staying bullish since last week, they are pretty much happy with the price action – Keeping in mind that the spot USDJPY is up about 0.05% even including a test of important resistance level at 113.

Key Quotes

“Sharp slide under 112 on Friday was mainly due to the pair eternal risk sensitivity and a classic risk off move, on the headlines over Flynn/ Trump/ Russia.”

“We remain bullish for the week and month of December. The expected trading range is around mid-113s. If the upcoming data like NFP, FOMC rate hike is positive and further progress on tax cut bill happens, it could go even beyond 113.